The U.S. rig count hit a new record low this week after shedding 12 rigs.
According to Baker Hughes, the number of oil and gas rigs operating in the United States fell to 464 as of March 24, a significant decline from the 1,048 rigs operating a year ago.
The drops pushed the rig count to its lowest level since Baker Hughes began tracking data in 1949 and marks the second time in three weeks that the rig count has sunk to a historic low.
The oil rig count dropped by 15 rigs to 372 to last week, down from 813 a year ago, while the gas rig count ticked up to 92 after gaining three rigs.
The number of vertical rigs dropped to 53 rigs after shedding five rigs and the horizontal rig count fell by 10 to 359 rigs.
The directional drill count climbed by three rigs to 52 rigs last week.
Texas once again posted the largest rig count drop of all the major producing states after losing eight rigs last week.
Oklahoma lost three rigs last week while Alaska shed two rigs.
Rig counts in Arkansas, California, Colorado, North Dakota, Ohio, Utah, West Virginia and Wyoming held steady from last week.
Louisiana gained two rigs and New Mexico added one rig.
The Permian Basin in Texas lost five rigs last week while the Eagle Ford Basin, also located in Texas, lost four rigs.
The Cana Woodford Basin lost three rigs and the Ardmore Woodford Basin and Marcellus Basin lost one rig each.
The Barnett Basin added two rigs last week.
The Gulf of Mexico climbed by one to 27 rigs.
The Canadian rig count fell to 55, down from 120 rigs a year ago, after losing 13 gas rigs and dropping one oil rig.